Editor’s note:The following is a guest article by Brian Lim, founder and CEO at Emazing Group Brands, and Ben Oliveri, writer at QuickBooks Enterprise
It’s easy to get caught up in the day-to-day hustle of relentlessly growing your business. But despite your best efforts, business growth isn’t always steady and linear.
As an entrepreneur, it can pay to slow down and take stock of your operations so you can move forward with increased visibility and efficiency. Think of race car drivers who put on the brakes going into the bend so they can accelerate through the exit on to the straightaway.
Over the past 10 years growing EmazingLights, iHeartRaves, and INTO THE AM (our three operating companies under parent Emazing Group) into over $30 million in revenue, there have been points of frustration that gave me pause. Our team of 80 turned these frustrating moments into opportunities to learn, build, and adjust so that we could continue with greater confidence and purpose. Two of these “pauses” stick out as key events that helped to define a more focused management approach for the Emazing Group. We used these pauses to:
- Build a framework for contribution margin insights to guide daily decision making
- Slow down to build standard operating procedures (SOPs) into our company culture
With better insights into our finances and well-documented SOPs, our team was able to work more efficiently towards healthy growth.